According to Rystad Energy, India achieved its highest annual installed renewable energy capacity of 18.5 gigawatts (GW) for the fiscal year ending March 31, 2024. March installations peaked at 7.1 GW, surpassing the previous record set in March 2022.
This surge in installations, primarily led by solar energy, marks a significant stride towards India’s target of reaching 500 GW capacity by 2031-32.
Rohit Pradeep Patel, Rystad Energy’s Vice President of Renewables and Power Research, stressed the need to continue developing renewable energy.
“With the commencement of India’s general elections earlier this month, the country’s emphasis on renewable energy comes as no surprise. Despite ambitious climate goals to reduce carbon dioxide emissions, achieving them is only achievable if the country maintains the fervor witnessed in recent months,” Patel said.
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Key installations contributing to the figures include Adani Green’s 1.6 GW solar capacity in Gujarat’s Kutch district, forming a portion of a larger initiative for a hybrid renewable energy park targeting 30 GW combined solar and wind capacity.
Patel also highlighted challenges such as grid stability and integration costs, “Critical challenges persist: ensuring grid stability alongside the higher integration costs that come with introducing more renewable capacity. A strategic solution lies in balancing this embrace with targeted exports, enabling India’s growth visions for the, without compromising national climate goals.”
The rise in installations has led to a surge in demand for domestic solar equipment, driven by over 6.2 GW of new capacity from solar alone. As of March 2024, India’s solar panel production capacity reached 68 GW, with plans to expand export markets, notably targeting the US.
